Mircobot Medical Inc. (MBOT) stock skyrocketed after the company announced its strategic collaboration with Stryker Corporation on Monday. Under the collaboration, the companies will develop LIBERTY® Robotic System for neurovascular applications. The huge gains on the news were ultimately followed by a fall. Hence, the stock fell under corrections in the after-hours, shedding its gains.
During the regular session, the stock gained 65.13% on the collaboration at $8.95 with over 90.9 million shares exchanging. This led to the fall of the stock in the after-hours, causing it to lose 9.94% at $8.06.
More about MBOT
Currently, the pre-clinical medical device company, Mircobot Medical Inc. has a market capitalization of $38.53 million. Furthermore, the company has 7.11 million shares outstanding in the market.
On Monday, MBOT’s share price spiked up to a high of $9.60 on the news of the collaboration. The stock reached such a high after more than nine months at a hefty volume. The news of the collaboration had investors flocking towards the stock, as the volume reached 6,314% of its 65-day average of 1.44 million. Ultimately, MBOT was due to fall under corrections, as it happened in the after-hours on Monday.
MBOT’s Collaboration with Stryker
As per the collaboration with the medical technology company, Stryker, the companies will combine their technologies and expertise to develop the world’s first dedicated robotic procedural kit. Stryker’s Neurovascular instruments will be integrated into MBOT’s Liberty robotic system to develop the kit.
Moreover, MBOT will also continue working independently on the Liberty system for peripheral and coronary procedures use. Furthermore, the animal feasibility studies of MBOT so far have supported the assertion that the technology can be potentially used to conduct the procedures. Hence, this will not only reduce the risk of radiation exposure and physical strain but also cut down on expensive capital equipment.
Previous Developments Regarding the Liberty System
As announced on December 23, the company previously secured a third patent for the robotic system in the U.S. Moreover, MBOT was able to secure all three patents in 2021. Furthermore, the company has a total of 47 patents now, with an additional 26 pending and more being submitted.
As per December 15’s announcement, the company also met its previously stated milestone and achieved Design Freeze for the Liberty robotic system.
In addition, MBOT also expects to file pre-submission with the FDA in the first quarter of 2022.